The current shale oil boom is in the green box, and the recent
shale gas boom is in the red box.

This doesn't mean that production is going to fall; despite
lower rig counts, the new wells being drilled have been very
effcient and they pump oil for a long time.

But this does mean that the
astonishing growth of production the US has seen in
the last few years is certainly stabilizing.

That has plenty of implications for the industry, from
investment to employment. The industry might even be starting to
think about what's next.

Here's what happened with the gas boom, from Flaharty:

Production from the unconventional gas plays more than satisfied
the US markets and in September 2008 market sentiment collapsed.
The gas-directed rig count, shown in Chart 2, peaked at 1,606.
Lower gas prices would not support dry gas development, and
attention shifted to wetter plays where oil and natural gas
liquids (NGLs) production could drive acceptable economic
returns. Oil and gas companies pivoted, if they could, away from
dry gas and towards oil and NGL plays. The gas-directed rig count
fell precipitously. Despite a significantly lower
gas-directed rig count, shale-gas production rose and has
continued to rise since, despite a declining rig
count. More efficient drilling techniques, an
increase in the number of wells drilled per rig, attractive
economic returns on wet gas (NGLs) wells, and more production per
well have more than offset the production decline from the
existing conventional well population.